FOR IMMEDIATE RELEASE

SOMERSET PARTNERS TO BUY
85 TENTH AVENUE IN MANHATTAN

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National Investor In Contract for 600,000 Sq.Ft. Chelsea Office Building

(New York , NY – June 22, 2005 ) -- Somerset Partners LLC, a New York City-based private real estate investor, is in contract to buy 85 Tenth Avenue , a 600,000-sq.ft. office building in the Chelsea sub-market of Manhattan , for a reported purchase price of $300 million. This asset represents the first office acquisition for Somerset Partners, which has built a $250 million portfolio of more than 3,000 apartments throughout the Southwest and Southeast U.S. over the last three years. Somerset 's acquisition team was led by Keith Rubenstein and Marsh all Allan.

Built in 1913, 85 Tenth Avenue , the former Nabisco Factory, has since 1999 benefited from nearly $200 million of capital improvements and is today one of the most technically advanced buildings in the Country. With 12 building generators providing 2 megawatts of redundant (backup) power each, the building can fully function on its own without public power or water for up to 30 days. The building is currently 100% leased to credit tenants including the U.S. Government, Lehman Brothers, Moet Hennessy and the State of New York . It features efficient 56,000-sq.ft. floor plates, high ceilings (up to 18-feet), 14-ft. window lines and unobstructed city and water views. 85 Tenth Avenue will also soon be home to two of New York 's most anticipated new restaurants: Craft Steak from Chef Tom Colicchio and Del Posto from Chef Mario Batali.

According to Mr. Rubenstein, Somerset 's Director of Equity Investments, “ 85 Tenth Avenue is a first class office building in an irreplaceable location. With its impressive physical plant and its list of credit tenants, we believe that it is a secure long term investment and is perfect as our initial acquisition in the Manhattan office market. We intend to add similar quality assets and build a substantial New York City Portfolio.”

Somerset Partners will acquire the property from a partnership of Angelo Gordon & Company, Belvedere Capital and Irwin Cohen of ATC Management. The seller was represented by Douglas Harmon of Eastdil Realty, LLC. Somerset Partners was represented by legal counsel Dennis Hellman of Rosenberg & Estis, P.C.

Just last month, Somerset Partners announced the close of its $100 million Somerset Multi-Family Fund I, which is supporting an aggressive $400 million acquisition campaign of Class-A multifamily housing. Since 2002, Somerset Partners has completed seven significant acquisitions to assemble a $250 million, 3,000-unit portfolio made up of properties in markets such as Atlanta , Oklahoma City, Cincinnati , Little Rock , Tulsa and Wichita . In the last six months, Somerset Partners has completed two acquisitions totaling nearly 1,000 units.

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Somerset Partners, LLC, is a private equity firm focused on the preservation and growth of wealth through investment in real estate for its investors and principals. With a focus on long-term ownership and high-quality multi-family assets in economically sound markets, Somerset Partners matches its investments with the specific portfolio requirements of its equity partners. Somerset Partners is owned and managed by Keith Rubenstein, Marshall Allan and Philip Welch.